It’s frustrating, but it happens: A sale you should have closed slips away. You did what you thought you were supposed to do, but in the end, the prospect didn’t sign. Many sales professionals don’t take time to consider why they didn’t win the deal. They simply move on to the next opportunity. However, unless you determine why you’re losing seemingly winnable deals, you’re going to stay stuck in the same pattern.

According to Neil Ringers, the EVP of North American sales at Revenue Grid, salespeople make five common mistakes that end up costing them a deal that otherwise might be won. Wondering how you might be losing sales and how to correct course? Keep reading this issue of Promotional Consultant Today. We discuss Ringers’ thoughts on five deal disasters to avoid in the future.

Mistake No. 1: Not involving the decision-maker. You should always know who is involved in the final decision and loop them into the sales conversation. Ringers says that deals are 80-percent less likely to close when a decision-maker isn’t involved. Always build out robust buyer personas, he recommends, so that you and your team know who to involve. Also, look at data from historical deals and learn from this information. For example, if you know that that the head of marketing is involved 70 percent by the deal stage, you can help keep the deal on track.

Mistake No. 2: Focusing solely on leadership. While decision-makers need to be involved, don’t overlook other stakeholders. Taking a multi-threaded approach to deals by connecting with multiple stakeholders helps you unlock more engagement and possibilities, says Ringers. He adds that won deals typically have at least three people involved on the buyer’s side, including the decision-maker.

Mistake No. 3: Sending emails too infrequently. One of the biggest mistakes that can lead to lost deals is simply not sending enough emails. According to Ringers, most winning deals include an exchange of about six to eight emails per week between prospects and sales reps. Make sure you are reaching out with the right messaging—and the right frequency—to help boost your win rate.

Mistake No. 4: Not handling pricing properly. Buyers always want to get the best results for the best price. This is especially true during the pandemic when businesses are working with limited budgets. You can make sure you don’t lose winnable deals by getting comfortable talking about pricing. Work with another sales rep on mock calls discussing pricing. Learn to be flexible about pricing, recommends Ringers. Aim to recognize potential buyers who truly need a price break versus those who object to pricing because they don’t see the value of your offering.

Mistake No. 5: Faltering when discussing competitors. When a buyer brings up a competitor, how do you react? Do you bad-mouth the other company? Change the topic? It’s important to approach this conversation thoughtfully. Instead of highlighting all the reasons you have a better offering, think back on your conversations with the buyer. What’s important to them? Be ready to zero in on the differentiators that matters.

You might be losing perfectly winnable deals for some of the reasons above. Take some to reflect on lost deals and consider how you can adjust.

Compiled by Audrey Sellers

Source: Neil Ringers is the EVP of North American sales at Revenue Grid.